Declares Dividend of $0.15 per share for Q2 2025 Represents Genco’s 24th Consecutive Quarterly Dividend

Announces Acquisition of High-Specification Capesize Vessel

Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, reported its financial results for the three months and six months ended June 30, 2025.

Second Quarter 2025 and Year-to-Date Highlights

• Dividend

-Declared a $0.15 per share dividend for Q2 2025

-24th consecutive quarterly dividend

▪ Cumulative dividends of $6.915 per share or approximately 41% of our current share price

-Q2 2025 dividend is payable on or about August 25, 2025 to all shareholders of record as of August 18, 2025

• Growth

-Agreed to purchase a 2020-Imabari built scrubber-fitted 182,000 dwt Capesize vessel, to be renamed the Genco Courageous, with expected delivery between September and October 2025

• $600 million revolving credit facility (RCF)

-In July, we amended our credit facility to establish a $600 million RCF to provide significant borrowing capacity to pursue growth opportunities among other uses

• Q2 2025 financial results

-Net loss of $6.8 million, or basic and diluted net loss per share of $0.16 per share

▪ Adjusted net loss of $6.2 million or basic and diluted loss per share of $0.14, excluding non-cash vessel impairment charges of $0.7 million

-Adjusted EBITDA: $14.3 million

-Voyage revenues: $80.9 million

▪ Net revenue : $46.9 million

▪ Average daily fleet-wide TCE : $13,631 per day

• Estimated Q3 2025 TCE to date

- $15,926 for 70% of our owned fleet available days

John C. Wobensmith, Chief Executive Officer, commented, “We continue to execute on our differentiated value strategy, as we position the Company to return capital to shareholders and expand our earnings power through drybulk market cycles. Declaration of our Q2 dividend marks our 24th consecutive dividend, representing the longest uninterrupted dividend period among our drybulk peer group. Including Q2, total dividends to shareholders will amount to $6.915 per share, or approximately 41% of our current share price.”

Mr. Wobensmith continued, “Following our success expanding Genco’s borrowing capacity by 50% with the closing of our new $600 million revolving credit facility, we also acted decisively to grow our Capesize fleet. This latest agreement to acquire a high-specification Capesize vessel reflects the continued execution of Genco’s growth strategy to further modernize our asset base and improve our earnings capacity. As part of our value strategy, Genco has invested approximately $200 million in the Capesize sector over the last two years, with proceeds from the sale of older, less fuel-efficient vessels reinvested into modern eco ships, during a period of compelling supply and demand dynamics that underpin strong future prospects for the Capesize market.”

Mr. Wobensmith concluded, “Building on our TCE improvement in Q2 over Q1, our estimated Q3 TCE to date is strong and we continue to see a pick-up in Capesize and Supramax rates. With our leading commercial platform and significant operating leverage, we remain in a strong position to capitalize on improving drybulk fundamentals. Looking forward, we also believe Genco’s significant financial strength will enable us to continue to capitalize on attractive growth opportunities while continuing to provide shareholders with returns.”

Comprehensive Value Strategy

Genco’s comprehensive value strategy is centered on three pillars:

• Dividends: paying sizeable quarterly cash dividends to shareholders

• Deleveraging: through voluntary debt repayments to maintain low financial leverage, and

• Growth: opportunistically renewing and growing our asset base

Key characteristics of our strategy include:

• Net loan-to-value (LTV) of 7%

-13% net LTV pro forma for the agreed upon vessel acquisition

• Strong liquidity position of $335.6 million at June 30, 2025, which consists of:

-$35.8 million of cash on the balance sheet

-$299.8 million of revolver availability or $500.0 million following the closing of the $600 million RCF in July 2025

• High operating leverage with our scalable fleet across the major and minor bulk sectors

Growth

Agreed to acquire a 2020-Imabari built 182,000 dwt scrubber-fitted Capesize vessel for a purchase price of $63.6 million. Genco expects to take delivery of the vessel, to be renamed the Genco Courageous, between September and October 2025.

This purchase marks the fourth high specification, fuel efficient Capesize vessel that Genco has agreed to acquire since October 2023, further expanding the Company’s presence in a key sector. Genco intends to fund the acquisition through a combination of cash on hand and a drawdown from its revolving credit facility.

New $600 Million Revolving Credit Facility

In July, Genco closed on a $600 million revolving credit facility, amending, extending and upsizing its existing facility to provide significant borrowing capacity to pursue accretive growth opportunities among other uses.

Key terms of the $600 million revolving credit facility include:

• Increased borrowing capacity by 50% or $200 million to $600 million in aggregate

• Repayment profile of 20 years with no commitment reductions until March 31, 2027 based on covenant compliance

• Improved pricing: margin reduced to 1.75% and commitment fees on undrawn amounts reduced to 0.61%

• 100% revolving credit facility structure provides flexibility for Genco to continue to pay down debt while maintaining the ability to opportunistically draw down capital

• Extended maturity to July 2030

• Accordion feature allows for additional borrowing capacity potential of $300 million

Genco has $100 million of debt outstanding and $500 million of undrawn revolver availability as of the date of this press release.

Financial Review: 2025 Second Quarter

The Company recorded a net loss for the second quarter of 2025 of $6.8 million, or $0.16 basic and diluted net loss per share. Adjusted net loss is $6.2 million or $0.14 basic and diluted net loss per share excluding a non-cash vessel impairment charge of $0.7 million. Comparatively, for the three months ended June 30, 2024, the Company recorded net income of $23.5 million, or $0.54 basic and diluted earnings per share, respectively. Adjusted net income amounted to $19.9 million, or $0.46 basic and diluted earnings per share, excluding other operating expense of $3.9 million, a gain on sale of vessels of $13.2 million, non-cash vessel impairment charges of $5.6 million and unrealized fuel losses of $0.1 million.

Full report: Genco Shipping & Trading Limited